Qualifying Tips for Approval of Your Tampa Short Sale

Qualifying Tips for Approval of Your Tampa Short Sale

When you moved into your home there was no way to know that one day you’d be faced with circumstances that would force you to sell fast and move quickly.

And even when faced with such circumstances, it is crucial to weigh and consider your financial options pertaining to your property and unique situation. After weighing your options you may find the short sale of your Tampa real estate may be to your advantage.

But, every lender and bank is different when considering which sellers and properties qualify for short sale or not. Insight on how lenders look at Tampa short sale properties follow along with tips on how to make your situation more expedient and avoid common short sale mistakes.

Tampa Short Sale Due Diligence

Answer the following question honestly: Can your immediate situation be corrected in the short-term?

If yes, this is especially important to your bank or lender because if your situation is short-term and you may be able to remedy the situation soon, the lender may deny the short sale and look to other options such as a loan modification or a different workout plan to keep you in your home. 

If no, then you life events may be considered longer term issues and therefore more valid for a short sale. These events can include divorce, massive home repairs that you cannot afford to pay for, out-of-area job relocation, getting fired, and more.

While the lender makes the decision whether or not you qualify to short sale your home, but you must be prepared ahead of time to provide documentation on anything they may ask about.   

Do you have the financial documents the bank or lender will want to see immediately available? These documents include months of pay stubs, years of tax returns, bank statements and more. The more detailed information you can provide quickly the better your chances are for an approved short sale.

Are you willing to have your property shown to anyone at anytime, willing to close immediately, and you are also willing to keep the home clean and uncluttered?

To qualify for a short sale you answers should be yes. If a prospective buyer sees a house in disrepair they smell a steal and will low-ball bid accordingly. Your lender will stress that you keep your property show-ready throughout the process or your short sale may be in jeopardy.

Because remember that if the bank believes that they can lessen their losses by foreclosing, cleaning up the property, and selling it themselves at a higher price as a bank-owned property guess what? That’s exactly what they’ll do.

How to Help Your Tampa Short Sale Qualify

Additional tips follow on how to help your property qualify with the lender for a short sale and get your out of your Tampa real estate for sale faster.

  • Call the lender and explain your situation to their loss mitigation department. Follow your call up quickly with a letter of authorization to your lender that allows the bank or lender to sell the property on your behalf.
  • Your letter should include the property address, loan reference number and your listing agent’s name and contact information. The property can only be sold on behalf of the owner of record so make sure everything is in order before sending the letter.
  • In addition you should send the lender a hardship letter that details why you haven’t been making your mortgage payments and why you’ll be unable to afford future payments.  Be ready to provide your financial statements to back up your details. No proof, no deal.

We’re Here to Help

Qualifying for and completing a short sale can be a complicated and often confusing process. The top Tampa short sale real estate agents at Nathan Bangs & Associates are experts at Tampa short sales and are ready to help sell your home as quickly as possible.

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Contact Information

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Nathan Bangs
Keller Williams Realty
3502 Henderson Blvd.
Tampa FL 33609
For Buyers: 813-739-5925
For Sellers: 813-739-5965
Fax: 813.875.3701